Wheel screen says wait: 3 puts stay above the 8% width cap

The setup in 30 seconds

Three puts made the first cut this morning, but none offered a narrow enough market for a complete cash-secured-put setup. Eddie’s live watchlist contained 24 names. After removing tickers represented in the latest ten Tips, 8 names remained eligible. Only 3 puts combined 30–45 days to expiry (DTE), delta from 0.15 to 0.30, and at least 500 contracts of open interest. All three stopped at the same place: each bid–ask width was above the 8% ceiling in both delayed observations. The snapshot was taken around 9:50 a.m. ET on August 28, and the morning live-entry window ends 10:30 a.m. ET. A visible midpoint is not enough when the route to that midpoint is this wide.

The trade today: keep the ticket blank

MU came closest. Its October 2 $800 put had 35 DTE, 0.2215 delta, 664 contracts of open interest, and 17 contracts of displayed volume. The two quoted widths were 13.44% and 12.70%. In plain terms: buyers and sellers were still too far apart, even on the best line in the group.

Why the other two also stopped

The October 2 NBIS $175 put showed 0.2013 delta, 534 contracts of open interest, and 23 contracts of volume. Its widths were 16.95% and 15.70%. The activity count was higher than MU’s, but the doorway into the contract was wider. In plain terms: more trades did not make the observed price easier to use.

The October 2 ORCL $130 put carried 0.1872 delta and 523 contracts of open interest. Displayed volume was only 1 contract, and both observations showed a 17.45% width. In plain terms: the line met the first filter on DTE, delta, and open interest, yet its live trading interest and quoted market did not support a ticket.

What the first filter does—and does not—prove

• DTE: all three contracts expire in 35 days, inside the 30–45 day window.
• Delta: all three sit between 0.15 and 0.30, the educational screening band.
• Open interest: each has at least 500 outstanding contracts.
• Liquidity stop: none kept both quoted widths at or below 8%, so no ticker advanced to a full setup dossier.

That order matters. RSI, moving averages, valuation, implied-volatility history, earnings, and the macro calendar can explain a stock, but they cannot repair an option market that fails the entry gate. The company story begins only after the contract is usable; otherwise a polished thesis risks making a poor quote look better than it is.

The re-screen plan

• Refresh both sides of the market: require two widths no greater than 8% before calculating a ticket.
• Confirm the stock reference: rebuild the underlying price before any breakeven or cushion math.
• Complete one dossier: calculate technicals, valuation, income, earnings, and macro facts only for a surviving line.
• Respect the clock: after 10:30 a.m. ET, treat every bid, ask, delta, and volume figure above as stale for entry purposes.

What could go wrong by forcing an entry

1. Paying for width: crossing a spread above 12% can give away a meaningful part of the apparent credit immediately.
2. Treating midpoint as money: the average of bid and ask is arithmetic, not an execution guarantee.
3. Favouring a familiar name: relaxing the same gate for MU, NBIS, or ORCL would replace a repeatable rule with preference.

Waiting does not predict where MU, NBIS, or ORCL goes next. It says the observed contracts did not support a complete educational ticket at the snapshot time. Cash stays uncommitted, and the next screen starts from fresh prices rather than trying to make one of today’s three lines fit.